Introduction to loan programs
All loans are designed to be 30, 25, 20, 15 and 10 years in length.
Consider choosing a program based on your intended use, even if your future income changes, how long you will live there, etc.
① Fixed rates : Rates are fixed and determined.
② Variable interest rate : 30-year loan. Fixed rate for the first 10, 7, or 5 years only, then replaces variable.
Plans with annual rate review or every 6 months.
③ Interest ・ Only ( Interest Only ) : A loan where you only pay interest for the first years. The monthly repayment is less than a regular loan.
④ Jumbo Loan : Ordinary Loan ( Conventional Loan℠) has a fixed maximum amount you can borrow. Any borrowing above that amount will be a jumbo loan and the rate will be lower now (depending on the time of year). Loans available to
⑤ VA : Veterans ( Veteran ). Zero down payment.
⑥ FHA : Loan guaranteed by the U.S. Government ( Federal Housing Administration), with less stringent approval requirements than Conventional Loans.
⑦ Reverse Mortgage : A loan for seniors age 62 and older. Loan but no monthly payments. Only property taxes and fire insurance paid.
\ We recommend that you consult with an expert and compare various options /
Buying real estate is a big purchase. Sometimes you will know what you really want as you consult with us.
I think it is best to find a professional who listens and consults well.
Caution ! Please be careful not to be swayed by immediate benefits such as "low rates" or "they pay closing costs".
Most ordinary loans ( Conventional Loans ) nowadays, the rates are almost the same for everyone.
Also, when they say they will pay the closing costs, it is not always free, and we always have to pay our share somewhere.